L&T Finance Holdings (LTFH) has surged 5% to Rs 56.55, in an otherwise subdued market after the company announced 100% acquisition of FamilyCredit Ltd, a wholly owned subsidiary of France’s Société Générale Consumer Finance for Rs 120 crore.
“FamilyCredit is a non-banking financial company (NBFC) having two-wheel and automobile loans as its products. This acquisition will consolidate LTFH’s presence in auto financing business in India,” the NBFC arm of Larsen and Toubro said in a filing.
As of June 30, 2012, FamilyCredit had loan book size of around Rs 1,287 crore of which two-wheeler financing constituted 53% and car financing 35%. It has 53 branches across 16 states in India and presence in more than 1,400 dealer outlets with a sizeable customer base in excess of 400,000, it added.
The stock opened at Rs 54.40 and hit a new high of Rs 56.90 on the BSE. A combined 5.48 million shares have changed hands on the counter so far on both the exchanges.
